Financing for Development
Achieving global justice, mitigating climate change effects, building peaceful and safe societies, and other global development objectives requires a continuous engagement as well as funding. While leaders of the world agreed on ambitious and universal sustainable development goals in 2015, finding the finances to reach these goals remains a challenge.
Financing for development covers many different public and private, domestic and international financial flows, among which domestic fiscal revenues, public development aid, remittances, foreign direct investment and external debt. On one hand, the domestic resources, such as taxation, are by far the largest source of revenue for financing economic and social development although they are not usually used for social-justice. On the other hand, public sources of financing (including aid, and government borrowing) tend to be more predictable and stable and they also have the potential to be more used for social-justice by targeting the poorest and most vulnerable people.
In this debate, CONCORD actively campaigns to hold EU leaders accountable for their commitments to dedicate 0,7% of their Gross National Income to development assistance and to use this aid in genuine, poverty-focused and effective ways. We also advocate for the mobilization of other financing sources, including through promoting tax justice, combating illicit financial flows including tax dodging by transnational companies, improving the international financial cooperation and the global economic governance, and ensuring that private sector financial contributions focus on sustainability and human rights criteria.
Underpinning all this, CONCORD promotes strong, democratic ownership by the people in developing countries over their own development and financing policies.
CONCORD focuses on an evidence-based policy, including the writing of the annual AidWatch report. We actively engage in dialogues with leaders in EU institutions, member states and international organisations, also as part of broader coalitions of the civil society, to push for necessary policy changes and a more favourable policy environment.
The change we want to see:
- People’s ownership in the Global South on use of finances: We want the EU and Member States to increasingly respect the entitlement of citizens of the Global South to define their and their country’s sustainable development plans and the resources to finance them.
- Tax Justice: We support and amplify initiatives to promote tax justice.
- Quantity and Quality of the Official Development Assistance budget (ODA): We want the ODA to be genuine and innovative, and remain at the core of political debates to hold the EU and Member States accountable.
- Gender Equality: We want the programming and review of the EU financial instruments to lead to a bigger commitment towards gender equality.
- Framing the private sector’s contribution: We want the EU policies and practice to put the private sector’s contributions to development finance increasingly in the right(s) framework.
CONCORD Europe was invited to speak during the DEVE Committee meeting on 16 May, 2018 under the agenda point “Multi-annual Financial Framework (MFF) for 2021-2027: what does it mean for development cooperation?“. Katerzyna Lemanska (Coordination SUD/GHA) was representing our confederation, in the presence of the DEVE committee and the European Commission. Here are the outcomes of the discussion.read more
What did 2017 bring to the development sector in Europe? The annual report of CONCORD encloses the biggest achievements of our confederation in the field of development aid and reports on the main statutory elements needed for a transparent and accountable constituency.read more
Today, the European Commission has released its communication on the Multi-annual Financial framework (2021-2027). CONCORD, the European Confederation of development NGOs, welcomes the budget dedicated to external actions but raises concern on the merge of external instruments allocated to development aid which will put aid objectives in jeopardy.read more
The EU presented its first report on financing for development in years at the UN FFD Summit in New York, on April 23rd. CONCORD welcomes this opportunity for greater transparency on the EU’s efforts to support the realisation of the 2030 Agenda.read more